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Level 2

Question

defalut classification

Forum|Forum|2 years ago
February 28, 2024
1 reply
4 views

Single member LLC, by default, it reported on the Schedule C of 1040.

But my LLC is owned by one Corporation. What tax form do i need to use?

Thank you

Level 15

Yes, in a case where the single member LLC is owned by a corporation, the LLC should be reflected on its owner's federal tax return as a division of the corporation.

In other words, you report this income on the tax return of the corporation that owns the LLC. See the IRS guidance for this issue.

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Level 2

Thank you so much!

Just combine my Corporation with my LLC' income and expenses, right? For example, LLC has a wage expense $100, Coporation has a wage expense $300. So i put $400 as wage expense on my 1120 form. right ?

Thank you

Level 15

Yes, that's correct.

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